Edit the Chart of Accounts and enter opening balances as follows.
Add the following information to the Chart of Accounts with the opening balances as of 01/01/2024.
Account Checking
Account No. 10100
Opening Balance $10,000
Account Notes Payable
Account No. 26000
Opening Balance $3000
Account Type Other Current Liability
Account Description Notes Payable
Tax Line B/S-Liabs/Eq: Other current liabilities
Account Office Supplies on Hand
Account No. 12500
Opening Balance $250
Account Type Other Current Asset
Account Description Office Supplies on Hand
Tax Line B/S-Assets: Other current assets
Account Store Fixtures
Account No. 14000
Opening Balance $0
Account Type Fixed Asset
Account Description Store Fixtures
Tax Line B/S-Assets: Buildings/oth depr assets
Account Store Fixtures Cost
Account No. 14100
Opening Balance $5,500
Account Type Fixed Asset
Subaccount of Store Fixtures
Account Description Store Fixtures Cost
Tax Line B/S-Assets: Buildings/oth depr assets
Account Store Fixtures Acc Depr
Account No. 14200
Opening Balance $0
Account Type Fixed Asset
Subaccount of Store Fixtures
Account Description Store Fixtures Accumulated Depreciation
Tax Line B/S-Assets: Buildings/oth depr assets
Edit the following account to update it as follows.
Account Office Supplies Expense
Account No. 64900
Account Type Expense
Account Description Office Supplies Expense
Tax Line Other Deductions: Supplies
From the Report Center, export to Excel or print the Chart of Accounts (Account Listing) report as of January 1, 2024
Export to Excel or print a Trial Balance report dated 01/01/2024. Verify your Trial Balance account balances are correct.
Transfer the Opening Balance Equity account balance to the Capital Stock account using a journal entry. Use Entry No.: Open ADJ1. Select Save. Export the opening balance
Export to Excel or print the Adjusted Trial Balance (after opening adjustments) to verify that the Opening Balance Equity account balance was transferred to the Capital Stock account.